I bought one a couple weeks ago and have only used it a few times. I've got a daughter who will hopefully start ice fishing soon and I figured it would be neat for her to see the fish to hopefully keep her interested/entertained.
I used it for sturgeon spearing, and I do like the bracket on the top that allows for different viewing angles. After only a few uses, switching the angles has caused some superficial cuts in the plastic coating on the cord. I could see this being a potential issue in the future. I used it looking horizontally across the bottom, and suspended it above the bottom looking straight down.
It automatically switches between color and black/white mode depending on how much light the camera can gather. I can tell you it doesn't take too much light to switch to color mode. I had my camera on the bottom in 17 fow and it would start off in b/w first thing in the morning, but had switched to color by 8:15.
I didn't use it with the LED light at all since we're not allowed to use the light while sturgeon spearing. I haven't seen a fish with it yet, but that's not the camera's fault. I did have to twist the cord occasionally to keep my target in the center of the screen, but that's to be expected I guess.
The 50 foot cord will be more than long enough for anywhere I fish, but I wish it had a replaceable battery like the flashers so a guy could swap out a dead battery with a fresh one for a full day of fishing. I've run mine as long as 6 hours straight and the battery didn't die.
So far I like it, no real complaints, though I haven't used it much. I didn't have any trouble seeing out what I figure was probably 10-12 feet in water that wasn't murky, but sure wasnt gin clear. I found mine on sale for 20% off and couldn't pass it up. I'm not gonna get rid of my flasher, I think each tool has certain benefits and drawbacks and works well for particular scenarios.